According to Knight Frank India, Mumbai continues to witness consistent growth in property sales, and September 2023 has been its best September in the past decade, both in terms of property registrations and revenue generated. The report said that of the total properties registered in September 2023, 82% were residential, while commercial and other segments constituted the remaining 18%.
The central and western suburbs of Mumbai have experienced a surge in launches in response to strong demand. Around 75% of the buyers in the western suburbs, and 82% of the buyers in the central suburbs invest within their familiar micro market. Beside the familiarity of the location, their choice is influenced by the availability of products that align with their pricing and feature preferences.
“The Mumbai residential market continues to display remarkable resilience, consistently surpassing 10,000 transactions a month. In fact, for the first nine months of 2023, we have observed a monthly average of 10,420 transactions. The growing share of properties valued at Rs 1 crore and above indicates a shift in preference towards more spacious and upscale accommodations, mirroring the upward trajectory of property prices,” said Shishir Baijal, chairman and managing director, Knight Frank India.
In the first nine months of 2023, Mumbai reported 94,383 registrations, resulting in a substantial revenue of Rs 8,389 crore for the state treasury, the highest within this timeframe since 2013, mentioned the Knight Frank India report. The elevated revenue growth can be attributed to factors like registration of higher-value properties and augmented stamp duty rate, the report further added.
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